Egypt is in talks with the World Bank (WB) for a third and final USD 1 bn tranche of the bank’s total USD 3 bn loan aiming to support the government’s economic reform program, Invest-Gate reports.
The negotiations come at a meeting between the Minister of Investment and International Cooperation Sahar Nasr and a visiting delegation from the World Bank in Cairo.
“The WB delegation is currently in Egypt to assess recent steps adopted by the Egyptian government to improve the business climate,” says Nasr, adding that the WB officials will use the assessment data in its annual Doing Business report.
The minister also says that the country has introduced a basket of reforms to attract more investments to the country and improve its ranking.
Egypt has been negotiating billions of dollars in aid from various lenders to help revive its ailing economy. On Tuesday, the WB’s board of executive directors approved a second USD 1 bn disbursement to Egypt.